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Trump housing plan to allow 401(k) money for down payments, adviser says
- jleyank 9mo agoGreat! Burn retirement money propping up house/condo prices...
- techblueberry 9mo agoMore money moving from the young to the old.
- mullingitover 9mo agoWeird that this article doesn't mention the fact that you can already use your 401k not just for a downpayment, but for whatever. Generally you can borrow the lesser of $50k or 50% of your balance from your 401k.
- legitster 9mo agoYou are already able to use 401k funds for this! Either as a loan to yourself, or as an "economic hardship withdrawal" (not hard to do if you actually need the money for a down payment). In essence, all they are proposing is a way for wealthy people to avoid taxes by putting money into a 401(k) and then pull it out tax free to spend on properties. I bet they would combine this with a raise on the contribution cap. Absolute grift.
- deleted 9mo ago[deleted]